That is it from us today on the ABC markets blog.
Don't forget to watch The Business program on ABC News Channel tonight at 8:45pm AEDT.
And our team of business reporters will be back with you early tomorrow morning.
Goodbye!
That is it from us today on the ABC markets blog.
Don't forget to watch The Business program on ABC News Channel tonight at 8:45pm AEDT.
And our team of business reporters will be back with you early tomorrow morning.
Goodbye!
The $US4,000 milestone is in the rearview mirror for gold prices, with spot gold currently trading around $US4,035.
It comes after US gold futures passed through the same level earlier, with gold futures for December delivery around $US4,040.
"There's so much faith in this trade right now that the market will look for the next big round number, which is 5,000, with the Fed likely to continue to lower rates," Tai Wong, an independent metals trader, told Reuters.
"There will be some bumps in the road, like a lasting truce in the Mideast or Ukraine, but the fundamental drivers of the trade, massive and growing debt, reserve diversification, and a weaker dollar, are unlikely to change in the medium term."
Read more from business reporter Nassim Khadem:
The ASX 200 has closed down -0.1%, at 8,947 points.
The broader All Ordinaries index has also closed down -0.1%, at 9,244 points.
Spot gold is up 1.15%, at $4,029, maintaining its record high prices (at 4:25pm AEDT).
Consumer cyclicals and technology fell today, while healthcare and industrials were up.
Looking at individual stocks, James Hardie topped the list, up almost 10% on good September quarter results.
Mesoblast and DroneShield were also up.
Helia Group and Lijfe360 fell more than -3%.
The Reserve Bank of New Zealand cut interest rates by 0.5 percentage points in a unanimous decision to 2.5%.
Economists say there could be one more cut in this cycle.
Prices current at around 4:15pm AEDT
Live updates from major ASX indices:
A Salesforce spokesperson told ABC News the company "will not engage, negotiate with, or pay any extortion demand".
A cybercrime collective, Scattered Lapsus$ Hunters, has reportedly threatened to release stolen data from dozens of global firms linked to cloud software giant Salesforce — including Disney, Google, IKEA, Toyota, and airlines Qantas, Air France and KLM — unless a ransom was paid.
"There is no indication that the Salesforce platform has been compromised, nor is this activity related to any known vulnerability in our technology, rather that customer databases had been breached by hackers impersonating IT support personnel," the spokesperson said.
Qantas says it is continuing to support customers impacted by its significant cyber breach, as a hacking group threatens to release personal data from around 40 companies to the dark web.
You can read more on this story here:
Mining giant Glencore has accepted a $600 million support package from the Queensland and Australian governments for its Mt Isa and Townsville operations.
The Mt Isa mayor is celebrating, calling it "a great day for Mount Isa".
However, local business owners say it's a "bandaid fix" and are worried about each town's long-term future.
Read more on this story here:
Economists say the Reserve Bank of New Zealand could cut rates again in November, after a unanimous decision to cut the official cash rate by 0.5 percentage points today.
The official cash rate is now 2.5%.
"The reference to 'further reductions' is still data dependent, and the RBNZ now appear somewhat more cautious and see two-way risk around inflation," said UBS economists in an analyst note.
UBS is forecasting another 0.25 percentage point rate cut in November, the bank's final meeting this year:
"We continue to expect a terminal rate of 2.25% and see an extended period of policy on hold."
Prices current at around 3:20pm AEDT
Live updates from major ASX indices:
SGH, an Australian diversified operating company, says the manufacturing lobby's campaign for direct market intervention "distracts from the real challenge".
SGH is controlled by the billionaire Stokes family, owns Boral, WesTrac and Coates and says it's a major investor in domestic gas and an industrial operator reliant on Australia's energy system.
"Market intervention, particularly on prices, does not address the underlying issue and risks deterring the investment needed to expand supply," SGH says in a statement.
It says Australia's gas prices currently rank in the lowest quartile in the OECD and a subsidy is not justified.
“The focus should be on delivering policy certainty and supporting industry investment. Price caps and other market interventions are short-sighted, putting future energy security and jobs at risk,” it said.
“The real issue is supply. Unless this is addressed, no amount of price rhetoric or intervention will deliver the energy security we need to support Australian manufacturing.”
SGH says calling for gas prices below $10/GJ may "sound appealing" but would deter industry investment and new gas supply.
Gold is in the spotlight, hitting record high prices.
Spot gold soared past $4,000 an ounce overnight and is currently sitting at $4,010 up +0.7% (as at 2:40pm AEDT).
So what's going on?
Well, gold has always been a "safe haven" for investors during times of uncertainty. That's because it's something you can see and touch and has intrinsic value and a track record.
Right now, the world's facing a lot of uncertainty — the US government shutdown, economic and geopolitical uncertainty, as well as the potential for further interest rate cuts by the US Federal Reserve.
Then there's central banks buying up big and a weak US dollar.
Spot gold is up 52% year to date.
"There's so much faith in this trade right now that the market will look for the next big round number which is 5,000 with the Fed likely to continue to lower rates," said Tai Wong, an independent metals trader.
"There will be some bumps in the road like a lasting truce in the Mideast or Ukraine but the fundamental drivers of the trade, massive and growing debt, reserve diversification, and a weaker dollar are unlikely to change in the medium term."
A "fear of missing out" is also boosting the rally, analysts say.
"What we see now is that investors are buying gold, despite the price being high, and this is amplifying the move further," said UBS analyst Giovanni Staunovo.
-with Reuters